Morning Juice – US Session Prep
Morning, Traders!
It is Thursday the 17th of October, here are some things to look out for today.
Sentiment
Chip stocks rebounded, calming market worries, as data from TSMC boosted gains across major stock indexes.
Contracts on the tech-heavy Nasdaq 100 rose, spurred by an increase in chip companies after TSMC reported better-than-expected quarterly earnings growth of 54%.
That helped to mitigate the impact of ASML Holding’s lower 2025 estimate, which halted a surge that had sent US-traded shares to a three-month high earlier this week.
Treasury 10-year rates rose two basis points to 4.04%, while the Dollar index remained largely unchanged.
The ECB’s policy decision is due later this morning, and it is expected to lower its base rate by another quarter point to 3.25%.
Gold rose to a new high ahead of US retail sales and unemployment numbers, as the increasingly tight presidential campaign fuels demand for haven assets. Oil prices stabilised following four days of losses, as traders assessed possible concerns to Middle Eastern production.
Docket
08:30 ET
US Retail Sales for September
MoM – Median Forecast: 0.3% | Prior: 0.1% | Range: 0.8% / 0%
Core MoM – Median Forecast: 0.2% | Prior: 0.1% | Range: 0.7% / -0.3%
US Weekly Jobless Claims
Initial Claims – Median Forecast: 260K | Prior: 258K | Range: 280K / 220K
Continued Claims – Median Forecast: 1.865M | Prior: 1.861M | Range: 1.9M / 1.85M
09:15 ET
US Industrial Production MoM for September
Median Forecast: -0.1% | Prior: 0.8% | Range: 0.5% / -0.5%
11:00 ET
US Weekly EIA Crude Oil Inventories
Median Forecast: 1.75M | Prior: 5.81M | Range: 4.314M / -2M
11:30 ET
US sells $95 bln 4-Week Bills
Speakers
08:45 ET
ECB Press Conference with President Lagarde following the ECB Interest Rate.
Text released at 08:15 ET with the Rate Decision, additional Q&A expected.
11:00 ET
Fed’s Goolsbee speaks at a Chicago Fed event on exploring career pathways.
Earnings
16:00 ET
Netflix Q3 2024 Earnings
Est. EPS: $5.11
Est. Rev: $9.78B
Good luck!
